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FX levels to watch – EUR/USD, GBP/USD, AUD/USD

All eyes are on the BoE as it announces its latest decision, with a rate hike a very high probability.

GBP/USD
Source: Bloomberg

EUR/USD turns lower once more

Having spent the past few days trying to break back above $1.1662, and failing, EUR/USD is now turning lower once again.

Last Friday’s low of $1.1574 will come into play if we see additional losses, with the $1.1489 area the next zone to watch. A close above $1.1662 is needed to reverse the bearish outlook.

EUR/USD price chart

GBP/USD waits with bated breath

The Bank of England (BoE) decision is likely to result in a volatile day for GBP/USD, so traders will have to move carefully.

The run up in recent days from below $1.31 has stalled at $1.33, so a close above $1.3341 is needed to confirm bullish momentum, bringing the $1.3427 area into play as a result. It will be difficult to determine a direction for the pair until the dust settles from the BoE meeting.

GBP/USD price chart

AUD/USD runs into resistance

A steep rally for AUD/USD over the past day could provide a selling opportunity on the four-hour chart, as the price falters around $0.77, as it did in late October.

If the price turns lower, $0.7650 and $0.7623 become the levels to watch. A move above $0.7750 is needed to indicate that buyers may be regaining control.

AUD/USD price chart

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